Law firm Goldsmith Williams welcomed the Alternative Business Structures (ABS) which allows businesses to offer legal services under their own brands for the first time as part of the Legal Services Act.
The Council for Licensed Conveyancers became the first licensing authority for ABS enabling registered firms to offer conveyancing and probate services. The Solicitors’ Regulation Authority (SRA) is due to become an ABS licensee in the coming months for broader legal services.
Eddie Goldsmith, senior partner at Goldsmith Williams, said: “The introduction of ABS will provide forward-thinking brokers with a real opportunity to diversify their businesses and increase revenue streams.
“It’s a big market out there and the opportunities for mortgage intermediaries are plentiful. Networks and larger brokers with loyal customer bases should seriously consider becoming a one-stop-shop for legal services under their own brands and own control.
“Firms should carefully consider where they want their businesses to be before deciding which licensing body they choose to apply to – for example, property services may suit some firms and so the CLC would be a natural fit. Other companies may want to maximise opportunities and will want to wait for the SRA to begin licensing.”
